Bitcoin: Buying Opportunity If It Breaks Higher Or Lower?
Bitcoin continues to remain within a consolidation pattern while the broader trend is still bullish.
These triangle formations tend to serve as trend continuation patterns and since the broader trend is bullish, probability favors a break higher. It is just a matter of the right catalyst.
We entered a new swing trade long at 10,675 and have placed a stop in the low 10Ks to mitigate risk. IF price can take out the consolidation resistance of around the 10,850 area, it is possible to see a short squeeze into the mid to high 11Ks. The current minor bearish movements have a tendency to lure many shorts that are betting against the broader trend. When new buyers enter the market, these shorts will be forced to cover and it is this combination of buying activity that can move price higher quickly.
IF price breaks the consolidation support by clearing the 10,200 area, it is within reason to see a test of the 9850 support. We will be stopped out, BUT looking for a new long position in this area since any bullish reversal patterns here will establish a double bottom or failed low setup. #Bitcoin##cryptocurrency#
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